Current Accounting Issues for Not-for-Profit Organizations Self-Study Webinar (10 Hours)

Overview: 

This self-study webinar is designed for accountants who want to remain on the cutting edge of the most recent accounting, tax and federal developments affecting not-for-profits. You’ll be equipped to:

  • Follow the accounting standards and guides for not-for-profits
  • Understand recent guidance revising NPO financial statements and treatment of Net Assets
  • Review the latest tax rules and regulations pertaining to not-for-profits, including Form 990
     

 

Objective: 

To provide an understanding of the accounting standards affecting nonprofits. Focusing primarily on implementing and using current authoritative literature, this self-study webinar discusses the latest issues regarding NPO mergers and NPO goodwill treatments. You’ll also gain insight into tax changes and other current issues impacting nonprofits.

Detailed Learning Objectives
Emphasis: 
  • Review of recent accounting standards and guides for not-for-profits (ASC 958)
    – Distinguishing between contributions and exchange transactions
    – Transfers between NPOs
    – Joint Costs
    – Split interest agreements
    – Consolidations and goodwill involving not-for-profits, including clarifying when NPOs that are general or limited partners should consolidate a for-profit
    – UPMIFA and changes to Net Assets
    – Investments—new rules for valuation and disclosure
    – Required financial statement and footnote disclosures, including formats and alternatives
  • Impact of revenue recognition, leases, and other recent FASB guidance on NPOs
  • FASB Simplification Initiative
  • Ethics, fraud and abuse issues
  • Audit issues, Sarbanes-Oxley and federal oversight
  • Tax matters
    – Filing for and retaining tax-exempt status
    – State and local sales tax and property tax issues
    – Avoiding private foundation status
    – Unrelated Business Income Tax (UBIT)
    – Excess benefit transactions
    – New and proposed IRS regulations and Form 990 issues
  • FASB NPO Project update

• Identify mandatory NFP financial statements and titles

• Identify the purpose of NFP financial statements from an investor/donor’s perspective

• Recognize the NFP accounting alternatives regarding goodwill impairment under ASU 2019-06

• Recognize accounting authoritative bodies’ responses to the COVID-19 pandemic

• Recognize the trigger for providing footnote disclosure regarding going concern uncertainties

• Identify the criteria that must be met before a NFP can recognize contribution revenue

• Identify the circumstances under which restricted funds will be reclassified as unrestricted

• Identify how to account for pledges that will be realized in more than 12 months

• Identify factors indicating risk of receipt and recording of pledges

• Recognize factors indicating an exchange transaction versus a contribution

• Identify the accounting treatment options regarding the receipt of dues

• Identify the accounting treatment for contributed services

• Recognize how to account for donated securities

• Recognize how to account for donated inventory

• Identify when to recognize contribution revenue from a revocable split interest agreement

• Recognize the terminology used to identify the power to modify restrictions on a charitable fund

• Recognize the appropriate accounting for service concession arrangements under ASU 2014-05

• Recognize the accounting options for collections of art or similar collections

• Recognize the changes made to accounting for collections under ASU 2019-03

• Recognize the appropriate accounting for joint cost under SOP 98-2

• Identify the typical accounting for an NFP’s special events

• Recognize the appropriate presentation of investment returns on the statement of activities

• Identify the options available for reporting cash flows from operations under ASU 2016-14

• Identify the implications of ASU 2016-14 on NFP disclosures

• Identify mandatory NFP disclosures regarding investments

• Recognize those characteristics indicating an acquisition over a merger

• Recognize the accounting treatment of acquired assets and liabilities when one NFP acquires another

• Identify the presentation of the net cash flow reflecting an acquisition in the statement of cash flows

• Recognize the circumstances under which an audit firm’s independence from an NFP client would generally be considered to be impaired

Bottom
Price: 
$249.00
Prerequisite: 

Basic knowledge of accounting for nonprofit organizations.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
10.00
NASBA Field of Study: 
Accounting